Media In The City: Virgin Media Extends Bid Deadline

Last week saw Virgin Media extend the deadline for receiving formal takeover proposals, saying it is delaying the sale of the company to give buyers time to make proposals “in a more stable debt market”.

As well as announcing the deadline extension (Full Story), Virgin Media also revealed that its operating income for the three months to the end of June was £3 million, compared with an operating loss of £15.3 million in the first quarter (Full Story).

ITV also released financial results, with the broadcaster’s underlying earnings in the six months to June 30 falling to £151 million from £202 million a year ago (Full Story).

Interpublic announced that its profits for the second quarter of the year reached $137 million (£67.8 million) (Full Story).

It was rumoured that Guardian Media Group is in discussions with private equity firm Apax Partners about a £2 billion joint bid for Emap (Full Story).

Meanwhile, the Daily Mail & General Trust’s national newspaper division, Associated Newspapers, bought a network of job sites for £10 million (Full Story), whilst Archant, the regional newspaper group, announced that its overall revenue in the 26 weeks to the end of June was up 2.1% at £98.5 million (Full Story).

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